Simplilearn, an edtech business, is one of the startups in the growth stage that gained speed after fundraising, but it has lost money for the previous two fiscal years in a row.
According to consolidated financial accounts submitted with the Registrar of Companies, the thirteen-year-old firm raised revenues by 1.89 times, to Rs 480 crore in FY22 from Rs 253 crore in FY20, while increasing losses to Rs 150 crore.
Simplilearn is an online learning hub that offers courses in a variety of fields relevant to modern businesses, including data science, cyber security, cloud computing, project management, and digital marketing. The Bengaluru-based company has only one source of income—the courses it provides—and in FY22, that income increased by 40.8%, to Rs 480 crore, from Rs 341 crore.
Other financial income for Simplileran increased by 260% from Rs 5 crore in FY21 to Rs 13 crore in the most recent fiscal year.
Upon looking into Simplilearn’s expenses, it was found that advertising and promotion ate up 36.3% of the total. From Rs 107 crore in FY21, this expense jumped to Rs 233 crore in FY22, an increase of over double.